A new record for the top 10%! They now own 93% of all stocks.
https://finance.yahoo.com/news/wealthiest-10-americans-own-93-033623827.html
- The richest Americans own the vast majority of the US stock market, according to Fed data.
- The top 10% of Americans held 93% of all stocks, the highest level ever recorded.
- Meanwhile, the bottom 50% of Americans held just 1% of all stocks in the third quarter of 2023.
https://old.reddit.com/r/economy/comments/1d1fv4h/the_top_10_now_own_93_of_all_stocks_the_bottom_50/
by TyreeThaGod
5 comments
How much stock do you have to have to be in the top 10%?
So middle class, the 10-50% range, owns a mere 6%
Ok, so this is just BS. Americans don’t own 100% of the stock market.
https://home.treasury.gov/news/press-releases/jy0613
Now, if you mean that the richest Americans own 93% of the stocks owned by Americans, then that may work.
The bottom 50% is bagholding GME
And most of it adds no value to the economy or innovation, since most equity is not initial IPO purchases, no additional funding for the company, just of swapping of ownership. It’s passive income that’s not helping the economy other than making a few rich people even more wealthy.
It’s just the rich gobbling up more of the share of the pie from the poor and middle class when they have to cash out.
Time to increase the tax rates on capital gains for the wealthy to help reset the extreme inequality of wealth in this country so the poor and middle class don’t become serfs to the ultra wealthy. Same with inheritance tax for the wealthy.
We are playing a game of monopoly in this country where the game starts with one player owning 90% of the board and $100,000 in cash, while the other players start with NO properties and only $1,000 in cash.
I am 100% pro-free market and capitalism but we are not playing with good rules that benefit everyone. I’m not afraid to say, it’s time to do some redistribution of wealth to reset this game where half of Americans only own 2% of the wealth while the top 1% own more than 66% of the wealth of this country and have been steadily gobbling up more of the wealth since 1980, which just happens to correlate with the lowering of tax rates on the wealthy.